HSBC gets all clear for US dollar settlement

HSBC has been appointed to settle US dollar trades in Hong Kong for another five-year period.

The Hong Kong Monetary Authority HKMA has re-appointed HSBC as the settlement institution for the US dollar clearing system in Hong Kong for a second five-year period. The bank has welcomed the news and says it hopes the next five years will bring an increase in the number of institutions using the system.

The HKMA made the announcement on Monday saying that, since its implementation in 2000, the system has helped to increase settlement efficiencies and...